Three questions to ask before you buy a home
If you've been thinking about buying a home this season, it's important to feel confident in your decision. Before you spring into action consider the following questions:
Do I feel prepared?
Purchasing a home is exciting. If you are paying high rent home ownership is an option. But managing a mortgage, insurance, property taxes, utilities and ongoing maintenance is a long term commitment. Thinking about your current state and future goals helps you make an informed decision about when buying a home is right for you.
What will my interest rate be?
The interest rate in your market depends on the type of loan you get, your bank, and your credit score among others. Ideally, you want to take advantage of lower interest rates to reduce your monthly payments and the amount you will pay over the life of the loan. As of June 2020, interest rates are at history lows making it very attractive for new home buyers.
How is the real estate market in my area?
In a buyer's market there more homes than buyers which can benefits buyers. In a seller's market there are a few homes on the market thus driving prices up. Understanding your market is key because that can help you make a good informed decision. Talking to a real estate professional can help you in this area since they have more in depth knowledge of the market and could advise you to make a positive decision that benefits you financially.
Please contact me to arrange a complimentary consultation to review your short-and-long home ownership goals today!